Moody's rates Kinetic notes B3

Moody's Investors Service said it assigned a B3 rating to the $1.65 billion of second-lien notes and a Caa1 rating to the $900 million of senior unsecured notes that will be used to fund the proposed LBO of Kinetic Concepts, Inc.

Moody's also said it upgraded the rating on the $2.4 billion first-lien credit facility to Ba2 from Ba3 because $400 million of the first-lien loan was reallocated to the junior tranches of the capital structure, providing greater first loss absorption to the first-lien debt, consistent with Moody's loss given default methodology.

The corporate family and probability of default ratings remain B2, and the ratings outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.